Lower compensation costs cited in 'strong' JPM Q4

SteveGelsi

NEW YORK (MarketWatch) -- J.P. Morgan Chase & Co.
JPM, -0.74%
delivered "strong" fourth-quarter results, driven by lower-than-expected compensation costs and lower loan-loss provisions, ISI Group analyst Ed Najarian said in a note to clients on Wednesday. After excluding one-time items, J.P. Morgan's fourth-quarter earnings of $1.35 a share were still well above expectations, he said. Najarian maintained a buy rating on the stock, which is a component of the Dow Jones Industrial Average
DJIA, -0.32%
He said J.P. Morgan is "the cheapest bank stock we cover" based on its price-to-earnings ratio. J.P. Morgan shares dipped about 0.2% in premarket trades.

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